AIRLINK 189.47 Increased By ▲ 4.78 (2.59%)
BOP 12.75 Decreased By ▼ -0.03 (-0.23%)
CNERGY 7.64 Decreased By ▼ -0.17 (-2.18%)
FCCL 40.45 Decreased By ▼ -0.39 (-0.95%)
FFL 15.02 Decreased By ▼ -0.16 (-1.05%)
FLYNG 27.80 Increased By ▲ 0.86 (3.19%)
HUBC 132.60 Increased By ▲ 1.53 (1.17%)
HUMNL 13.44 Decreased By ▼ -0.38 (-2.75%)
KEL 4.50 Decreased By ▼ -0.01 (-0.22%)
KOSM 6.07 Decreased By ▼ -0.07 (-1.14%)
MLCF 51.42 Increased By ▲ 0.19 (0.37%)
OGDC 211.98 Decreased By ▼ -0.13 (-0.06%)
PACE 6.18 Decreased By ▼ -0.11 (-1.75%)
PAEL 42.15 Decreased By ▼ -0.40 (-0.94%)
PIAHCLA 16.35 Decreased By ▼ -0.16 (-0.97%)
PIBTL 9.27 Increased By ▲ 0.33 (3.69%)
POWER 11.18 Increased By ▲ 0.08 (0.72%)
PPL 174.25 Decreased By ▼ -0.75 (-0.43%)
PRL 34.90 Increased By ▲ 0.17 (0.49%)
PTC 23.85 Decreased By ▼ -0.09 (-0.38%)
SEARL 93.18 Decreased By ▼ -1.24 (-1.31%)
SILK 1.11 Decreased By ▼ -0.03 (-2.63%)
SSGC 33.05 Decreased By ▼ -0.06 (-0.18%)
SYM 16.30 Decreased By ▼ -0.81 (-4.73%)
TELE 8.18 Decreased By ▼ -0.07 (-0.85%)
TPLP 11.15 Decreased By ▼ -0.30 (-2.62%)
TRG 60.80 Increased By ▲ 0.55 (0.91%)
WAVESAPP 11.38 Decreased By ▼ -0.01 (-0.09%)
WTL 1.40 Decreased By ▼ -0.05 (-3.45%)
YOUW 3.81 Decreased By ▼ -0.12 (-3.05%)
AIRLINK 189.47 Increased By ▲ 4.78 (2.59%)
BOP 12.75 Decreased By ▼ -0.03 (-0.23%)
CNERGY 7.64 Decreased By ▼ -0.17 (-2.18%)
FCCL 40.45 Decreased By ▼ -0.39 (-0.95%)
FFL 15.02 Decreased By ▼ -0.16 (-1.05%)
FLYNG 27.80 Increased By ▲ 0.86 (3.19%)
HUBC 132.60 Increased By ▲ 1.53 (1.17%)
HUMNL 13.44 Decreased By ▼ -0.38 (-2.75%)
KEL 4.50 Decreased By ▼ -0.01 (-0.22%)
KOSM 6.07 Decreased By ▼ -0.07 (-1.14%)
MLCF 51.42 Increased By ▲ 0.19 (0.37%)
OGDC 211.98 Decreased By ▼ -0.13 (-0.06%)
PACE 6.18 Decreased By ▼ -0.11 (-1.75%)
PAEL 42.15 Decreased By ▼ -0.40 (-0.94%)
PIAHCLA 16.35 Decreased By ▼ -0.16 (-0.97%)
PIBTL 9.27 Increased By ▲ 0.33 (3.69%)
POWER 11.18 Increased By ▲ 0.08 (0.72%)
PPL 174.25 Decreased By ▼ -0.75 (-0.43%)
PRL 34.90 Increased By ▲ 0.17 (0.49%)
PTC 23.85 Decreased By ▼ -0.09 (-0.38%)
SEARL 93.18 Decreased By ▼ -1.24 (-1.31%)
SILK 1.11 Decreased By ▼ -0.03 (-2.63%)
SSGC 33.05 Decreased By ▼ -0.06 (-0.18%)
SYM 16.30 Decreased By ▼ -0.81 (-4.73%)
TELE 8.18 Decreased By ▼ -0.07 (-0.85%)
TPLP 11.15 Decreased By ▼ -0.30 (-2.62%)
TRG 60.80 Increased By ▲ 0.55 (0.91%)
WAVESAPP 11.38 Decreased By ▼ -0.01 (-0.09%)
WTL 1.40 Decreased By ▼ -0.05 (-3.45%)
YOUW 3.81 Decreased By ▼ -0.12 (-3.05%)
BR100 11,934 Increased By 13.1 (0.11%)
BR30 35,786 Decreased By -21.8 (-0.06%)
KSE100 113,972 Increased By 187.7 (0.16%)
KSE30 35,432 Increased By 44.4 (0.13%)

Ecuador will propose legislation to take over operations of oil companies in the country unless the firms sign new contracts aimed at increasing state control over the sector, President Rafael Correa said on Saturday. The government wants foreign oil companies to give up their profit-sharing deals and sign new contracts under which they would become service providers. But negotiations over the new contracts are progressing slowly.
"Every day that passes there are millions of dollars going to these companies that should be going to the Ecuadorian state," Correa said during a televised address. "I'm out of patience," he said. "We are sending a bill to Congress that would allow for the expropriation of oil fields should the companies not want to sign the new contracts."
Spain's Repsol, Brazil's Petrobras, Chinese consortium Andes Petroleum and Italy's Eni operate in the Andean country, despite Correa's ongoing spats with the private sector. The leftist president says Opec-member Ecuador needs to increase control over its own natural resources. Correa has had a troubled relationship with private investors. He shocked the markets in 2008 by defaulting on $3.2 billion in bonds and has sided with plaintiffs in the Amazon region of the country who are suing US oil company Chevron Corp for $27 billion in environmental damages.

Copyright Reuters, 2010

Comments

Comments are closed.